With the increase of digital penetration in Tier 2 and 3 cities, customers have started purchasing online not only amenities such as smartphones, TVs, and furniture but also educational services for their children. The general rise in disposable incomes and the pandemic have accentuated this trend. Many Indians who have previously only purchased from brick-and-mortar shops make purchases on e-commerce websites. Many of them prefer to purchase goods through online EMIs to help them pay the cost over a period of time. Although, there are still barriers to the adoption of digital EMI loans caused by the lack of financial and technical literacy among emergent users. There may be barriers to understanding the service due to limitations of language, device, and a lack of knowledge. There are also fraudsters that take advantage of this to trick unsuspecting users which has made users more aware of their data privacy. The objective of this project is to build digital user flows that help build trust in customers while data sharing who want to avail credit for online shopping. The process followed for arriving at this outcome is: Desk Research: Understanding consumer durable loans, financial data sharing in India and Account Aggregators. Lakshmi focused on primary research, through interviews and the building of user personas. She then developed a problem statement and set herself a brief. Her solutions led her to user flows, ideation and high-fidelity mockups She learned about working of loans, investments and insurance and how the people of India perceive them. Engaging with the fintech community helped he understand how technology can unlock financial services for millions of Indians, and she was able to understand the impact that credit and access to financial services can bring in uplifting Indians and in turn help India’s economy growth.
account aggregrator, consumer durable loan, data sharing, fintech, trust
